Welcome To The MN Bankruptcy Blog

Inside you will find over 500 helpful articles discussing the Chapter 7 & 13 Bankruptcy Process and other solutions for difficult financial situations.

 

    (Video) WHAT YOU NEED TO KNOW ABOUT DECLARING BANKRUPTCY

    Posted by Wesley Scott on July 10

    I am a proponent of erring on the side of filing bankruptcy. Why? Because hitting the reset button is good for you mentally and physically. Who among us wants to live with overwhelming debt that results in stress and worry that sometimes doesn’t end for years? Not me. I have high anxiety. I don’t necessarily mind problems, but I cannot have no solutions. I also don’t want solutions that delay getting relief. For, me delayed relief from a problem, is no relief.

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    (Video) Filing Chapter 7 Bankruptcy in Minnesota

    Posted by Wesley Scott on July 9

    If you live and work around Woodbury, Minnesota, and you are contemplating filing a Chapter 7 Bankruptcy, there are some things you should know. Sometimes things are not how they appear at first sight. Have you ever had the experience of thinking in your mind something was going to be really scary and then you did it, and found out it wasn’t as scary as you thought. Heck- you might have even enjoyed yourself a little!?

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    Tips for Designing a Successful Chapter 13 Repayment Plan

    Posted by Wesley Scott on July 8

    Individuals who desire to reorganize their debts under Chapter 13 of the United States Bankruptcy Code must file a proposed Chapter 13 repayment plan. As part of the Chapter 13 repayment plan, you will propose to the court and your creditors how you intend to repay your debts (often times unsecured debts only get paid pennies on the dollar-and the balance owed gets discharge, i.e. wiped out, tax free). In order to be eligible to file a Chapter 13 case, you must have a regular source of monthly income, such as wages from employment or income from self-employment, social security, pension or other reliable source that can be verified by the court. Some debtors may be able to demonstrate regular assistance from family members to satisfy the income requirements to file for Chapter 13 relief.

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    How to Reach Short Term Financial Goals After Bankruptcy

    Posted by Wesley Scott on July 7

    If you have filed bankruptcy, you have taken the first step toward recovering and rebuilding your finances. Bankruptcy gives you a fresh start, and one of the best ways to regain strong financial health is to set short term financial goals.

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    (Video) WHY YOU SHOULD NEVER MEET WITH A PARALEGAL ABOUT BANKRUPTCY

    Posted by Wesley Scott on July 6

    I am starting to see a disturbing trend occur in the legal field. Some law firms seem to think they can hire non lawyers to do lawyer’s jobs. Thing is- we lawyers are licensed to give legal advice to clients, non-lawyers are not.

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    (Video) HOW DOES BANKRUPTCY WORK?

    Posted by Wesley Scott on July 5

    The idea of bankruptcy for most is a scary proposition. But once you find out how it works, it softens the blow. For me, bankruptcy is a business tool, as Trump would say, to solve a business problem. That is, bankruptcy is a tool, to solve an overwhelming debt problem. Okay, well how does it solve the overwhelming debt problem?

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    (Video) USE ONLY BANKRUPTCY FIRMS THAT HAVE YOU MEET WITH LAWYERS, NOT PARALEGALS

    Posted by Wesley Scott on July 4

    It is sad for me to watch as some law firms protect their bottom line over the interest of the clients. If you think this doesn’t happen in Minnesota, think again. There is one firm, that rhymes with locker, that has five lawyers and five paralegals. Now, this firm advertises for Minnesota guests to come in to see them for a free “bankruptcy analysis”.

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    (Video) What Makes Kain & Scott MN's Best Bankruptcy Law Firm?

    Posted by Wesley Scott on July 3

    I have a cynical personality. I don’t trust easily and I want proof of statements made. Sound like you too? I think many of us are a bit cynical. Now, you shouldn’t be like my grandpa who was so cynical that he didn’t trust anyone. But a healthy dose of cynicism in the market place is ok! When you are looking for an awesome bankruptcy lawyer is Minnesota, look no further than Kain & Scott. Why? Here is the proof!

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    (Video) Chapter Bankruptcy 13 Facts

    Posted by Wesley Scott on July 2

    What is a Chapter 13 Bankruptcy? How does it work? How does it look on my credit? These are all wonderful questions with straight forward answers. Here are some Chapter 13 facts you will find useful.

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    Four Dischargeable Debts In A Minnesota Chapter 7

    Posted by William Kain on July 1

    Just like there is good cholesterol and bad cholesterol, there is also good debt and bad debt. The average Minnesota household has about $134,000 in debt. But much of this debt is secured debt, like mortgages and auto loans. Most people do not mind paying these loans, as long as the terms are reasonable and they like the car, house, or other collateral.

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    Some Things To Know About ‘Gray Bankruptcy’ In Minnesota

    Posted by William Kain on June 30

    Most people see bankruptcy as a last resort. Typically, that strategy is a sound one. It’s usually best to try to work things out with moneylenders before choosing a more radical path.

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    Secured Debt vs. Unsecured Debt in a Chapter 13 Bankruptcy

    Posted by William Kain on June 29

    When you file a bankruptcy, you must include all debts; however, not all debts are treated equally in a Chapter 13 case. For example, student loans and taxes (there are exceptions to this!) are non-dischargeable debts that survive the bankruptcy. This means the debtor is still legally liable for paying the student loans and taxes if the debts are not paid in full through the bankruptcy plan. Unsecured debts may only receive a percentage of what is owed and any balance remaining at the end of the repayment period is discharged forever. To complicate matters, tax claims are generally unsecured debts but they are afforded priority status and paid after secured claims but before general unsecured claims. As you can already see, secured debt and unsecured debt get treated differently in a Chapter 13 bankruptcy case, and it can be a bit confusing to comprehend. With this blog I am hoping it make it a little simpler, to give you a better idea of how your debts would be handled in a Chapter 13.

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    Creditor Harassment - What are Creditor Limitations?

    Posted by Wesley Scott on June 28

    Scared to answer the phone or open your “overdue” stamped mail? Worried about going to work and your boss calling you into his office to talk about your financial situation? Concerned about walking to the parking garage and not finding your car in its spot because it has been towed?

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    Does A Minnesota Bankruptcy Stop Eviction?

    Posted by William Kain on June 27

    The quick answer is yes, but you have to act quickly.

    Before 2005, an eviction was just like a foreclosure. Even if a landlord got a signed court order from a judge, a bankruptcy stopped the eviction process. The Automatic Stay in Section 362 of the Bankruptcy Code applied. But the oddly-named Bankruptcy Abuse Prevention and Consumer Protection Act contained a number of pro-creditor changes, and the interplay between the stay and eviction was one of them.

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    Will A Minnesota Bankruptcy Affect My Security Clearance?

    Posted by William Kain on June 26

    This question presses upon the thousands of people who either serve at one of the National Guard bases in Minnesota or work for a firm which supports these men and women. In many cases, if a person loses a security clearance, the person also loses that job. Such a situation clearly makes the family’s financial situation worse instead of better.

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    Filing Chapter 7 In Minnesota - What You Need To Know

    Posted by William Kain on June 25

     Most of us occasionally run out of money before we run out of month. In this precarious situation, just one serious financial setback can have a devastating effect. Setbacks like serious illness, divorce, or job loss can happen to anyone at any time. When these situations cause financial turmoil, you basically have two choices. You can watch things get worse or you can do something about it.

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